Shares of Intrepid Potash (IPI) spiked in its IPO yesterday, gaining more than 50% in its first day of trading. The fertilizer maker couldn't have picked a better time to go public.

Despite strong fundamental demand from emerging economies and tightened supply stemming from the persistence of the ethanol myth, agricultural commodities have gotten so frothy many analysts fear a bubble.

Intrepid Potash is America's largest maker of muriate of potash, or potassium chloride, a fertilizer that improves plant durability. Demand for the additive has skyrocketed, as farmers rush to reap profitable harvests with prices hovering near all-time highs.

Not surprisingly, the stocks of competitors like Potash Corporation of Saskatchewan (POT) and Mosaic Corp. (MOS) have been on a tear lately. Both companies recorded 52-week highs yesterday.

At no point in recent history has production of high-tech feces been so exciting.

For more on the agriculture and farming business, check out Hoofy and Boo's always astute analysis: